Umicore Rechargeable Battery Materials Canada plans to build a new manufacturing facility in Loyalist Township, Ont., that will produce materials considered to be critical components for producing electric vehicle batteries.
The investment from the company, for the production of active materials and precursor cathode active materials, was hailed as welcome news from both the federal government and the Government of Ontario. The battery materials production capacity is expected to be 35 GWh annually.
“Canada has everything it needs to be a global leader in the green economy: access to global markets, a talented workforce, clean energy, world-leading innovation ecosystems and all the critical mineral resources necessary to make EV batteries,” said François-Philippe Champagne, Minister of Innovation, Science and Industry, in a statement.
He added that the project from Umicore will bring great economic benefits to Ontario, and create well-paying jobs for Canadians.The federal government is expected to support the project through an investment of up to $551.3 million. The Government of Ontario will invest up to $424.6 million.
The first stage of the project will see the creation of 600 new direct jobs, along with an additional 700 co-op positions for students that will be created throughout the project. The whole thing could potentially produce enough battery materials to support the manufacturing of more than 800,000 EVs per year at a facility that is expected to be nearly carbon neutral from the moment production begins.
“We are committed to being a reliable transformation partner for the automotive and battery industry and a trustworthy neighbour for communities in Ontario,” said Mathias Miedreich, CEO of Umicore, in a statement.
